HomeMy Public PortalAbout97-043 (04-15-97)RESOLUTION NO. 97-43
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD APPROVING THE ISSUANCE
OF NOT TO EXCEED $5,000,000 AGGREGATE
PRINCIpAL AMOUNT OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS TO STAUB METALS CORPORATION (THE
"PROJECT")
' WHEREAS, The California Statewide Communities Development
Authority (the "Issuer") in its inducement resolution (the
"Inducement Resolution") as presented to this meeting has proposed
to issue an amount not to exceed $5,000,000 aggregate principal
amount of Industrial Development Revenue Bonds (the "Bonds")
pursuant to the California lndustrial Development Financing Act,
Section 91500 et. s~, of the Government Code of the State of
California, as amended and supplemented (the "Act"); and
WHEREAS, the project to be financed by the Bonds consist of
costs associated with the construction and/or purchase of the
property and financing costs (the ~~Project") as described in the
Inducement Resolution; and
WHEREAS, the issuer has requested that the City Council of the
City of Lynwood (the "City~~), approve the issuance of the Bonds in
order to satisfy the public approval requirement of Section 147(f)
of the Internal Revenue Code of 1986, as amended (the "Code"), the
requirements of Section 9 of the Amended and Restated Joint
Exercise of Powers Agreement, dated as of June 1, 1988, among
certain local agencies, including the City, and the public agency
approval requirement of Section 91530(f) of the Government Code of
the State of California, as amended; and
'
~
WHEREAS, the City has held a public hearing on April 15, 1997,
providing a reasonable opportunity for persons to comment on the
issuance of the Bonds and the location of the Project; and
WHEREAS, it is intended that this resolution shall constitute
the approval of the issuance of the Bonds required by Section
147(f) of the Code, Section 9 of the Agreement and Section 91530(f)
of the Governmental Code of the State of California;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City, that the issuance of the Bonds is hereby approved for the
purposes of Section 147(f) of the Code, Section 9 of the Agreement
and Section 91530(f) of the Government Code of the State of
California.
Section 1. The City Clerk shall certify the adoption of this
Resolution, and thenceforth and thereafter the same shall be in
full force and effect.
Section 2. This resolution shall go into effect immediately
upon its adoption.
PASSED, APPROVED AND ADOPTED
of Lynwood this 15th day of April,
by the City Counc'1 of the City
1997.
_ ~
PAUL H. RICHARDS, I, OR
ATTEST:
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`~ City Clerk
Andrea L. Hooper,
APPROVED AS TO FORM:
1. L~~ '~ ~ ~i
City Attorney
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STATE OF CALIFONRIA ; §
COUNTY OF LOS ANGELES )
AS TO CONTENT:
bots, Director
y Development
I, the undersi9ned, City Clerk of the City of Lynwood, do hereby
certify that the foregoing resolution was passed and adopted by the City
Council of the City of Lynwood at a regular meeting held on the 15th
day of April, 1997.
AYES: COUNCILMEMBER BYRD, HENNING, REA, RICHARDS
NOES: NONE
ABSENT: NONE
~'-we~t-e-e~- ~ ,
City Clerk, City of Lyn~
STATE OF CALIFORNIA j §
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and Clerk
of the City Council of said City, do hereby certify that the above and
foregoing is a full, true and correct copy of Resolution No. 97-43 on
file in my office and that said resolution was adopted on the date amd
by the vote therein stated.
Dated this 15th day of April, 1997.
(~~~ ~, ~~-~
City Clerk